Education is a mandatory thing for our society .Not only it is required for gaining knowledge and improving the living standard of human being but the development of our nation also depends on it. That is why; Indian government is giving its full support to the Educational loans.
Education is one of the basic rights of every human being. Education not only increases the knowledge but also improve living standards. It is increasingly realized by parents in India today that both of the sex needs to be treated equally for study and should not bend on the side of boy child education more. India is introducing the scholars to the world that has amazed everyone. The improvement in the education system in India has indirectly worked in the growth of Indian economy a great deal. Due to this realization the government of India is promoting the education loans in India in full swing. The education loans not only helping the deserving candidate get the higher education, but also the girls education is also getting positive effects.
There are various banks in India which are providing education loans for higher studies foe both, the Indian universities and for study in foreign universities. This loan give you complete financial help during your study that includes your college fee, hostel fee, books and stationary expenses and other expenses related your studies. With slight differences all the formalities for the loan for Indian university or foreign universities are the same. To avail education loan there are few things that you need to know. First of all it has to be repaid within 84 months, commencing 12 months after course completion or 6 months after you get the job. You can get more than 7 lacks of education loan if you are going for overseas study.
To education loan in india you need to first secure your seat in some reputed institute through entrance examination and you have to give proof of it. You should have good academic records and your parents should have a stable source of income as in case you could not be able to repay the loan they are liable to pay it. You will also require a third party guarantee that could come from any of our close relative or friend that can stand guarantee for full loan amount.